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"We have an extremely serious credit market dislocation about to occur — like maybe tomorrow," he wrote.
A spokesman explained that the additional losses came from the continued "market dislocation".
"The market dislocation in Greece is creating significant opportunities that wouldn't be otherwise available".
"We feel pretty good that the market dislocation impact has not been that profound for Lloyds TSB," he said.
Despite all of our efforts, Bear Stearns was unable to weather this period of unprecedented market dislocation".
"Given current market dislocation, this is the next logical step for any committed wealth manager," he said.
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"The firm is also likely to benefit from recent market dislocations, particularly in prime brokerage".
It said most of the loss resulted from "mortgage and credit market dislocations on the fixed-income businesses".
He added: "At an industry level, the Bank of England initiative will help ease some of the current market dislocations in the UK and HSBC welcomes the announcement".
For example, the government recently used it to support debt issued by GMAC, the car and home lender, which is afflicted by more than just capital market dislocations.
Near the end of the analysts' call, whose tone was fairly pleasant considering all the negative news, someone asked Blackstone's executives to compare the recent credit upheaval to previous market dislocations throughout the years.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com